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What Apple’s iTunes did for the music industry, Railsbank is about to do for financial services

Updated: Apr 2, 2022

Railsbank to make embedding finance into apps and customer journeys as simple as drag and drop

Railsbank is to shake, rattle and roll the financial services industry, again.

In a move which will shock the industry, Railsbank has yet again proved to be one step ahead of the game, launching what it believes to be a major innovation and which one represents a gear change in how financial services are delivered to the customer.

Nigel Verdon, CEO and co-founder of Railsbank, used the Singapore Fintech Festival to announce the launch of its new Houston no-code platform and OpenRailz API. Both will make embedding finance into apps and customer journeys as simple as point and click.

Railsbank achieved this milestone by deconstructing all financial products into core digital components, enabling Railsbank to do for financial services what Apple’s iTunes did for the music industry by deconstructing music into a single digital track.

Houston is the User Interface layer on top of the Railsbank open finance Operating System which is set to transform building, launching and managing financial applications the way the Macintosh transformed how people interacted with the personal computer.

The launch of the two revolutionary new products, the Houston platform and OpenRailz API, follow a number of Banking-as-a-Service (BaaS) leading innovations and the first true Credit Card-as-a-Service product.

Over the past four years, in preparation for launching the Houston platform and OpenRailz API, Railsbank has deconstructed financial products into core digital components to enable its customers, regardless of sector, to reconstruct and embed financial services into their businesses and customer journeys, similar to how iTunes brought music back to its basics to allow consumers to create their ideal music experience.

The OpenRailz API will allow any financial services provider to plug their products securely and compliantly into the Railsbank platform and be available within Houston for customers to rapidly build financial apps and embedded experiences.

At the Singapore Fintech Festival Nigel joined a panel of industry experts to discuss ‘Digital and Cultural Transformation in a Co-Covid World’ and gave details about the upcoming innovations. The Houston platform takes inspiration from the no-code movement and will further the democratisation agenda, providing Railsbank’s customers with the tools to scale their financial product proposition quickly and efficiently.

Nigel said: “The Houston and OpenRailz API continue the innovation journey which Clive and I set out on, by releasing APIs that we previously only used internally to enable third parties to hook on to the Railsbank platform.

“Much like Apple did with iTunes by creating the digital music track, we’re giving businesses easy access to financial building blocks so they can develop the next generation of financial services that are embedded into customer journeys and centered around the consumer rather than around a legacy financial institution.

“We’re working hard to lead innovation in the industry. My co-founder Clive Mitchell and I released the first BaaS API back in 2016, and since then, we’ve become the first global BaaS platform, the first NBFI BaaS business to be a GBP clearer, and the first to launch a true turnkey Credit Card-as-a-Service proposition. Now, as others are just releasing BaaS products, we’ve taken another huge innovation step forward with the Houston platform and OpenRailz API.”

1 Comment

May 09

iTunes changed the way people consumed music by offering digital downloads and a la carte purchasing, disrupting traditional music distribution models. Similarly, Railsbank aims to disrupt the financial services industry by providing a platform that simplifies the process of creating and managing financial products. If successful, Railsbank could revolutionize financial services, making them more accessible and customizable for consumers and businesses alike. In any case, you can always use itunes promotion.

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